First Bank Appoints Femi Otedola as Board Chairman
New Leadership at First Bank of Nigeria
The First Bank of Nigeria Holdings has chosen Femi Otedola, a Nigerian billionaire and businessman, as the new chairman of its board of directors. He will be taking over from the previous chairman, Alhaji Ahmad Abdullahi.
Excitement and Recognition
Otedola, who recently made a comeback to the Forbes African Billionaires list after seven years, expressed his excitement about the appointment. He shared the announcement on his Instagram page, adding smiley and dollar emojis.
A Wealthy Entrepreneur
At 61 years old, Otedola is currently ranked number 20 on the Forbes list with a net worth of $1.1 billion. His return to the list contributed to the overall increase in wealth among the billionaires.
Official Announcement
The decision to appoint Otedola was made during a recent board meeting. The First Bank of Nigeria Holdings officially announced the appointment through a corporate filing on the Nigerian Exchange Limited (NGX). The appointment is effective as of January 31, 2024.
Legal Disputes
In July 2023, there was a legal dispute involving Dr Oba Otudeko, the former chairman of the group, and Ecobank. The legal representatives of Dr Oba Otudeko asked FBN Holdings to disregard a petition by Ecobank’s lawyers regarding shares purchased by the entrepreneur. The law firm dismissed Ecobank’s claims and urged FBN Holdings to ignore their requests.
Investigation by Securities and Exchange Commission
The Securities and Exchange Commission revealed that they were investigating the situation at First Bank of Nigeria Holdings Plc. This suggests that there may have been some issues or concerns surrounding the bank’s operations.
Ownership of First Bank of Nigeria Holdings Plc
In October 2023, it was discovered that Otedola was the largest shareholder of First Bank of Nigeria Holdings Plc, despite the shares acquired by Oba Otudeko. The company received a notification that Barbican Capital Limited, an affiliate of Honeywell Group Limited, had acquired a significant number of shares.
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